7/3/2023 0 Comments Freedom chevrolet corporate![]() Some popular models are still in thin supply, making it hard to find a discounted one. Read: Are we witnessing the demise of the affordable car? Automobile makers have all but abandoned the budget market Luxury brands with the highest inventory were Buick, at 117 days' supply, followed by Jaguar and Infiniti.Īside from low-volume, high-performance cars, vehicles that are often popular with budget-minded Americans - subcompact cars, compact cars, and midsize cars - had the lowest supply, followed by minivans, and compact and subcompact SUVs. Ram was the highest with 119 days' supply, followed by Jeep and Chrysler. ![]() Non-luxury brands with the highest inventory were mostly Stellantis brands, with four among the top for supply. Luxury brands at the low end were Lexus, with under 30 days' supply, followed by BMW and Land Rover. Non-luxury brands with the lowest inventory were Toyota (7203.TO) and Kia, under 30 days' supply, followed by Honda (7267.TO), Subaru, Hyundai, Volkswagen, and Chevrolet, all with below-industry average supply. The highest inventories were a mix of domestic brands, dominated by Stellantis' (STLAM.MI) brands, and a mix of luxury makes. "We are beginning to see more incentives, particularly leasing deals, crop up."Īlso see: How the new electric vehicle tax credit rules are affecting automakers' salesįoreign brands still have the lowest inventories. "With some brands and segments nearing too-high levels of inventories, we are seeing discounts and incentives increase," said Chesbrough. "Higher sales have been boosted, in part, by improving inventory, which has been running at around 1.8 million or so for the past several weeks."Īs a result of improving supply, the average new vehicle listing price - the asking price - fell weekly through March to below $47,000 for the first time since December. "During March, we saw sales surpass the 1-million mark for a 30-day period for the first time since early September 2021," said Charlie Chesbrough, Cox Automotive senior economist. Last week, Kelley Blue Book parent company Cox Automotive said the average dealership has returned to a 56-day supply. That left some shoppers unable to find what they wanted - buyer satisfaction fell over the same period - but it meant that dealers could count on selling most cars at or over their advertised price. Most dealerships slipped well below that supply level for much of the past two years. ![]() That, industry veterans say, ensures that a dealership has the right mix of colors and options to meet almost any request of a customer who walks in the door. In March, the sale price of the average new car slipped below sticker price for the first time in almost two years.Ĭar dealers measure their supply of new cars to sell in a metric they call "days of inventory." It represents how long it would take them to sell out of new car cars at today's sales rate if they couldn't acquire new ones.Īn old industry guideline tells them to keep 60 days' supply on hand, with another 15 days on order or in transit. That brings them close to pre-pandemic inventory levels.Īs inventory builds, dealers and automakers start to offer discounts to help attract new customers. Some popular models are still scarce, making it hard to find a discounts.Īmerica's car dealers ended March with 1.89 million new cars in stock.
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